CC churning - equifax scores

[Lynda2475]

I cant even get my equifax score because they will only provide it to peoplewith a drivers license (discriminatory) where as experian and illion.

My creditsimple and credit savvy scores are withing 2 points ofeach other.

 

[theblank]

The new ways of calculating scores is comical between providers, Equifax is mid 600's while Experian is 200 better and in the mid 800's.

it doesnt matter - nobody cares what the score is, except Equifax et al themselves becuase it determines what products they will market to you.

 

[rock86]

it doesnt matter - nobody cares what the score is, except Equifax et al themselves becuase it determines what products they will market to you.

I do realise that and I'm not worried at all, I just think it is funny the two completely different way both providers are weighting the information to produce their scores.

 

[andye]

I do realise that and I'm not worried at all, I just think it is funny the two completely different way both providers are weighting the information to produce their scores.

Credit Simple is more erratic and difficult to explain for me.

 

[burmans]

I cant even get my equifax score because they will only provide it to peoplewith a drivers license (discriminatory) where as experian and illion.

Well, they are required by law to identify you before giving out your personal information, how are experian and ilion doing so?

 

[Lynda2475]

Well, they are required by law to identify you before giving out your personal information, how are experian and ilion doing so?

Passport

Equifax are shortnsighted not everyone drives.

 

[Dr Ralph]

There's nothing to fear. At some stage everyone, including myself, will reach the limit for applications. Until then I churn whenever I can without fear of rejection - but I know it is coming

Well I have been suspecting that my limit was coming but I just can't seem to find out what that limit is. During the last 3 months I've applied for 9 new cards. These have largely been for offers that I would not normally have wasted my time with (Eg 10,000 Flybuys points). To my utter surprise every application has been approved. I fully expected a rejection at some stage but this didn't occur.

So to those that have reservations, I say keep pushing it. Of course there's a limit, but it seems that limit is a LOT further than people may have thought!

 

[benjy]

Wow Dr Ralph, that's insane. I'm very jealous

 

[Dr Ralph]

Wow Dr Ralph, that's insane. I'm very jealous

Give it a try yourself. Worst that could happen is a rejection and I wasn't worried should that have occurred.

 

[I love to travel]

Well I have been suspecting that my limit was coming but I just can't seem to find out what that limit is. During the last 3 months I've applied for 9 new cards. These have largely been for offers that I would not normally have wasted my time with (Eg 10,000 Flybuys points). To my utter surprise every application has been approved. I fully expected a rejection at some stage but this didn't occur.

So to those that have reservations, I say keep pushing it. Of course there's a limit, but it seems that limit is a LOT further than people may have thought!

Just for interest were many of these linked to Citibank in their role as managing other companies applications?

 

[Dr Ralph]

Just for interest were many of these linked to Citibank in their role as managing other companies applications?

Yes. I've avoided Citi bank and swore off them. But 4 of the applications were via Citi bank offerings. And they were very average offerings as I indicated previously I wouldn't normally have bothered with.

 

[benjy]

Give it a try yourself. Worst that could happen is a rejection and I wasn't worried should that have occurred.

It's been less than 3 months since my last rejection. I figured I'll wait at least 3 months until next application.
I'm guessing Dr Ralph, that your income, assets and liabilities would be vastly different to mine hence reasonable amount of rejections for me and approvals for you

I haven't been successful with Citi or Macquarie backed applications. The last application I made was with CommBank (previous customer), was conditionally approved but not for the card I applied for which didn't attract points I was after, so I rejected their offer.

I might go after Bendigo Bank's offer next

 

[Dr Ralph]

It's been less than 3 months since my last rejection. I figured I'll wait at least 3 months until next application.
I'm guessing Dr Ralph, that your income, assets and liabilities would be vastly different to mine hence reasonable amount of rejections for me and approvals for you

I haven't been successful with Citi or Macquarie backed applications. The last application I made was with CommBank (previous customer), was conditionally approved but not for the card I applied for which didn't attract points I was after, so I rejected their offer.

I might go after Bendigo Bank's offer next

Bendigo was the only one to call me to seek further information/clarification. But still approved.

 

[Finale]

While banks are more strict with approval these days, I think they are also desperate to get customers with a good credit. Somehow I feel it is actually easier for me than pre covid time. I'm self employed and banks don't normally give the same limit as someone who earn the same $$ but has a full time job.

I know how much limit I can have (approximately) based on previous rejections. I did some test and they normally rejected if I went over $XX limit. As long as I stayed within that number, I got approved everytime. Most Australian banks from my exp (except Amex) are all about what computer says (love US ones because of this) and that's pretty much a total limit you can have after computer calculates income , expenses and limit you have.

 

[Spongbob]

It's been less than 3 months since my last rejection...

This comment reads like the preamble to a confession.

 

[exceladdict]

I know how much limit I can have (approximately) based on previous rejections. I did some test and they normally rejected if I went over $XX limit. As long as I stayed within that number, I got approved everytime. Most Australian banks from my exp (except Amex) are all about what computer says (love US ones because of this) and that's pretty much a total limit you can have after computer calculates income , expenses and limit you have.

Absolutely - my back of the envelope calcs a (fair) few years ago had thought it was something like 1k limit per $250 of spare after tax income at the end of a month. (This is not financial advice)

But that gets messy and at the time I think amex were considering household income instead of individual, as well.

Dr Ralph, I wonder if and how CCR might even be working in your favour here. I'm sure you always pay them on time - but how many accounts show in your history in something like get credit score? I had a theory that too many accounts (by virtue of open limits) had a big impact as one of my banks duplicated an account entry (cc with a big limit) and my illion score took a beating.

Or perhaps due to a time lag your new accounts aren't showing on the record before you open another subsequent one?

 

[Dr Ralph]

Absolutely - my back of the envelope calcs a (fair) few years ago had thought it was something like 1k limit per $250 of spare after tax income at the end of a month. (This is not financial advice)

But that gets messy and at the time I think amex were considering household income instead of individual, as well.

Dr Ralph, I wonder if and how CCR might even be working in your favour here. I'm sure you always pay them on time - but how many accounts show in your history in something like get credit score? I had a theory that too many accounts (by virtue of open limits) had a big impact as one of my banks duplicated an account entry (cc with a big limit) and my illion score took a beating.

Or perhaps due to a time lag your new accounts aren't showing on the record before you open another subsequent one?

All current and former accounts were showing. Some were still incorrectly recorded as open as there's often a lag in this being updated.

I did one new application approximately every 10 days.

 

[mviy]

I'm struggling to see a lot of point with churning at the moment. My main reason to churn is to get sign up bonuses to use for international travel and I already have enough points for multiple trips.

 

[Dr Ralph]

I'm struggling to see a lot of point with churning at the moment. My main reason to churn is to get sign up bonuses to use for international travel and I already have enough points for multiple trips.

There are quite a few offerings with inter alia gift cards. Free money to me.

 

[Lynda2475]

I'm struggling to see a lot of point with churning at the moment. My main reason to churn is to get sign up bonuses to use for international travel and I already have enough points for multiple trips.

Depends on whether you see any value in Qantas Point Club - unlike QFF status, points club wasnt automatically extnded, so at least one churn might be required to retain Points Club.